 "Flipkart")
Chinese technology conglomerate Tencent is investing $62.8 million in Walmart-owned e-commerce firm Flipkart, according to a report by business intelligence platform Paper.vc.
The investment comes amid Sino-India tensions, including the Chinese app ban and the changes to the foreign direct investment (FDI) norms and pre-clearance mechanisms on investments from China.
Walmart had announced a $1.2-billion infusion into Flipkart in July, but no filings in connection with that announcement have yet been made.
“There is the possibility though that Tencent’s investment is the first money in, as part of this larger round involving Walmart and other shareholders,” said Paper.vc.
Paper.vc said
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